Your Greater Pittsburgh Real Estate Market Report
The West Penn MLS Active Listings
Increased 4%
Number of Home Sales Down 6% in November 2023 compared to 2022. There are considerably less homes selling this year versus last year. However the average sold price increased over 3% for November 2023 at 256k compared to November 2022 at 259k. There were 423 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is about 8 weeks of inventory available (we call this absorption rate), and increased a little since last month. There are 168 less current pending home sales right now, compared to last year at this time according to the West Penn MLS (this is better than past months) and 1497 less than 2021. It doesn't seem like this is going to change anytime soon. I've mentioned in the past about being a re-boot of sorts in the real estate market. That has happened, in the sense that people adjust and move on. There are always people living in the past of historically low interest rates, wishing and hoping. Those days are gone!! 2024 is coming and its going to be a NEW REAL ESTATE MARKET stronger and better than ever for those that want to move in or out a new home. The good news, you have to work for it, you have to want it, you have to put everything you got into it, and you will ultimately be successful! It seems like we have possibly moved onto a plateau of value appreciation. This is a good thing for buyers and homeowners.
If I am going to predict the market over the next few months...
I believe the winter will be a touch lack-luster but probably more sales than 2023. Prices will soften a little in January and Feburary and bounce very strong in March into July. Then the elections season is can soften the late summer market and not do us any favors.
In the last 7 days 594 homes have gone under contract with buyers. While there were 531 new listings that entered the market.
There are 2,884 homes under contract preparing to close in the next 2-6 weeks compared to 3,293 homes under contract last month at this time and 3,052 in December 2022.
Demand is remaining fairly strong for well marketed, desirable & effectively priced homes. Multiple-Offers over asking price and waiving of home inspections is not happening much.
Check out the blog post, "Experts Project Home Prices Will Rise Over the Next 5 Years"
